The City article of the Times this morning is awfully
solemn on an affair of some curiosity, but no great consequence, which occurred yes- terday at the Bank of England.
"Three bills drawn from abroad on the Treasury in Downing Street," saith the oracle, " and duly accepted, were presented this morning (Friday) at the Bank, and refused payment ; the answer of the clerk to the party presenting them being no effects.' In a few minutes, notice was sent to the owner of the bills, that if again presented they would be paid ; which MIA done in the course of the afternoon. This is all that has transpired on the subject ; but Much conjec- ture has naturally been exercised on so remarkable an event as a stoppage of payment on the part of the Gorernment, which is, according to mercantile usage, the true character of the affair. A refusal to pay on such grounds can bear no other interpretation. The owner of the hills might not have been found after the first tender for payment; he was not bound, at all events, to present them again ; and they might have been noted for non-payinent, as in the in- stance of any insolvent trader. The prevailing conjecture on the matter is, that owing to the late factious proceedings in Parliament, the portion of the :Supplies to which these bills refer has not been voted ; that the clerk at the Bank desk could make no other reply until he bad reported the case to the Board of Directors; and that they have deter 'Mum' to take up the bills, though uot strictly regular to do so, rather than suffer so awkward a circumstance to tran- spire as the non-payment of draughts on the Treasury. In itself, owing to the smallness of the sum, it is a matter of no importance, but as an indication of the consequences likely to follow, if the struggle of parties in the House of Commons is allowed to suspend the essential business of the country, it is highly worthy of public notice."
The Tories may be thanked for all this. They resolved to make the attempt of governing the country in defiance of the House of Com- mons, and the consequence was that the Government stopped payment.
The Tories are the men to uphold public credit and the honour and dignity of the Crown !
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